RelateIQ Inc., a relationship management software startup, has raised $40 million in fresh capital at a valuation of $245 million. The round, led by Redpoint Ventures also includes several new investors, such as Kleiner Perkins Caufield & Byers, Felicis Ventures and News Corp., the parent company of the Wall Street Journal.

RelateIQ’s war chest is swelling at a time when more startups are trying to convert the massive Web of digital data created every millisecond into meaningful insights. To date, it has raised $69 million since it was founded less than three years ago.

RelateIQ helps businesses and their employees track relevant relationships, such as sales clients or recruits, by analyzing multiple communication streams in real-time, such as emails and calls. It can, for example, tell an employee if they should reach out to an important client they haven’t spoken to in a few weeks, or if a member of his or her team has already reached out. The software’s constantly shifting algorithm — which is manned by a small team of data scientists — is designed to tell businesses what they need to know with minimal manual input from employees.

It’s a small piece of the ever-expanding big-data market.

Earlier this month, data analytics company Platfora raised $38 million from a large group of investors that included Tenaya Capital, Citi Ventures and Cisco Systems. Platfora can process huge data sets, such as all of a company’s customer transactions, to tease out patterns. Cloudera, another big-data startup, also announced that it raised $160 million last week.

Redpoint Ventures, according to partner Scott Raney, has made several investments in what it calls “smart apps” like RelateIQ, which combine big data with software as a service. It has, for instance, invested in Infer, a software startup that tries to predict which sales leads will generate the most money for a company.

“The first generation of software-as-a-service companies automated processes but didn’t provide real insights,”said Scott Raney, a partner at Redpoint Ventures. “The next generation of data-driven apps, like RelateIQ, can make data actionable to the average end user.”

Located underneath a home decor store in downtown Palo Alto, Calif., RelateIQ is trying to unseat far larger competitors in the customer relationship management, or CRM space, such as Salesforce.com.

Since its last fundraising round, announced in June, it has grown to more than 65 employees and has signed on hundreds of new businesses, including data storage company Box, according to RelateIQ CEO Steve Loughlin. Last week, it released a new tool called “Closest Connections,” a feature that lets professionals rapidly identify the person in their company or in their existing network, who has the closest connection to a target contact or company. For example, if a sales manager at a company wanted to figure out the closest link on her sales team to a potential client, RelateIQ would tell find the strongest link based on calendar appointments, social networks, work emails and other social signals.

According to Loughlin, the company will use the latest cash infusion to invest in hiring and building out its data products, particularly mobile software.